Feature

Master Limited Partnerships: It's Time to Get Picky

Our MLP Roundtable experts explain the ins and outs of MLP investing.

Master limited partnerships entered 2014 at a crossroads. As the energy-oriented asset class grew over the past decade and a half, it beat the Standard & Poor's 500 for 12 straight years. But that streak ended in 2012, and MLPs underperformed again in 2013. Throw in expectations of a rise in interest rates this year, and MLPs could be losing some of their luster.

The MLP universe -- which in 2000 had 18 companies with a collective $14 billion in market value -- now has 113 companies with some $460 billion. The vast...